Investors looking to secure a stake in Dublin’s thriving restaurant sector will be interested in the opportunity presented by the sale of numbers 2-4 Fade Street. The subject property, better known as the home of celebrated chef Dylan McGrath’s restaurant Fade Street Social, is being offered to the market by agent Cushman & Wakefield at a guide price of €7.275 million, exclusive of VAT. The investment offers the prospective purchaser a net initial yield of 6.25 per cent, assuming standard purchaser’s costs of 9.96 per cent.
Prime Steak Restaurant 2012 Ltd, trading as Fade Street Social by Dylan McGrath, has signed a new 20-year full repairing and insuring (FRI) lease on the premises and this will begin in April 2023 at an annual rent of €500,000.
Commenting on his company’s renewed commitment to 2-4 Fade Street, Mr McGrath said: “After 10 years in business, Fade Street Social continues to perform exceptionally well with both the local market and overseas visitors to the city. We are committed to a long-term relationship with this unique property, sited as it is in a prime location.”
Having initially opened for business as a fully licensed restaurant in 2012, Fade Street Social has since become a household name within Dublin’s food and beverage sector. The restaurant is ideally located off South Great George’s Street and is just 400 metres from St Stephen’s Green and Grafton Street. Number 2-4 Fade Street extends to 666sq m (7,169sq ft) over ground and first-floor levels with an additional rooftop terrace. The property has a modern fully equipped kitchen and fit-out throughout and can cater for up to 340 covers at any one time.
Karl Stewart of Cushman & Wakefield said: “Fade Street Social has become synonymous with this location and now investors have the opportunity to own the building housing one of Dublin’s most successful restaurants. 2-4 Fade Street represents an iconic food-and-beverage investment which will provide the purchaser with secure long-term income.”